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I suspect what will happen is that the relative value of fixing 100 year old construction will decrease. Sure you can hire someone for 20k to fix the broken plumbing in your house or you can get a new one for 30k that also has the windows, kitchen, electrical and insulation fixed.

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Yeah this has essentially already happened for HVAC - repair is often more expensive than replacement because labor is so expensive and parts are so cheap.

For centralized equipment, yes.

For wiring/plumbing/ducting runs ... not so much.

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